Oregon Credit Union Act Improvement Bill Headed for Governor’s Desk
June 13, 2013
June 13, 2013
A Northwest Credit Union Association (NWCUA) backed bill updating the Oregon Credit Union Act passed the Oregon House Wednesday with 59 “yes” votes and one “excused” vote.
The legislation is the result of recommendations by the Oregon State Model Act Subcommittee, chaired by Scott Burgess, president/CEO of Rivermark Community Credit Union.
The bill now heads to the desk of Governor John Kitzhaber. The improvements to the act will:
- Broaden Oregon’s parity authority by allowing Oregon credit unions to invoke parity with out-of-state credit unions and streamline the process for invoking parity with federally chartered credit unions.
- Clarify the role of the supervisory committee in governance-related matters.
- Extend additional liability protection to credit union directors and officers.
- Remove the wording in Oregon law which requires the board to “perform other duties as the members of the credit union from time to time direct and perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members.”
- Remove language in Oregon law which permits a credit union to employ a Chief Operating Officer/President and a Security Officer.
- Make the declaring of dividends a delegable power under Oregon law; and Increase the loans to one borrower limit to the larger of $100,000 or 15 percent of a credit union’s equity.
The 2013 Oregon legislative session is wrapping up a full agenda. The state Constitution mandates that the legislature complete its work by July 13 of this year, however, leadership has set a deadline of late June.
Questions? Contact a member of the Association’s Legislative Affairs team: